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Being a vacant spot convenient to the national capital of Joseon, Yeouido was used as a national pasture for sheep and goats, according to a 16th-century geographical record.[2] When the Han River flooded, only a small patch of high ground remained above river level: the name of the island means "You can have it (Useless)". Yeouido remained for the most part an uninhabited sandbar prior to the construction of Seoul's first airport in April 1924.[3] The airport served both international, domestic, and military flights, and was also the site of a flight school.[4] At that time the island was part of Goyang. The six-lane bridge connecting it to the mainland of Yeongdeungpo was constructed in 1970 as part of Han River development project led by President Park Jung-Hee, after which time development took place rapidly. Yeouido-dong was formed as a separate entity in 1971.[4] Yeouido is also called Korea's Wall Street and houses many broadcasting stations, including KBS and MBC.

Five parks are located in Yeouido. Notable among these are the Yeouido district of the Han River Public Park and Yeouido Park. Yeouido Park was formed in 1999 through the reclamation of a patch of land, known as Yeouido Square or 5/16 square, which had lain under asphalt for 27 years and was used for various large public gatherings.[5] In addition, a terminal for excursion ferries stands on the Han River shore.

The "size of Yeouido" is often used in media in Korea as a unit to provide a rough idea of the size of an unfamiliar area. For example, it may be said that city A in country Y is twice the size of Yeouido.

^According to "동현황". Yeouido-dong website (Korean). Retrieved 2006-04-16.. However, the Naver Encyclopedia asserts that the airport opened in 1916, and that the homecoming flight of An Chang-nam, the first Korean pilot, landed here in 1922.